The former principal partner of wealth manager WealthTek, John Dance, is to stand trial in connection with allegations of a £64m fraud and money laundering charges.

Mr Dance, 50, also a well known figure in British horse racing circles, has pleaded not guilty to the charges brought by the FCA and will stand trial.

Due to delays in the court system, the trial date has been set for September 2027, 30 months from now.

The trial is due to take place at Southwark Crown Court, often used for high profile fraud cases.

Mr Dance was charged in December with alleged misappropriation of £64 million of customer funds between 2014 and 2023, the FCA said. 

On 24 February, at a plea and trial preparation hearing at Southwark Crown Court, Mr Dance pleaded not guilty to three counts of fraud by abuse of position and three counts of fraud by false representation. 

In a separate matter, the High Court, following an application by the FCA and consented to by Mr Dance, agreed that civil proceedings brought by the FCA in April 2023 will be paused until the conclusion of the criminal proceedings or until a further order by the court.  

John Dance first appeared before the North Tyneside Magistrates’ Court on 3 January, where his conditional police bail was extended and the matter sent to the Crown Court.

WealthTek (FRN: 832264) was an FCA-authorised and regulated wealth manager. It provided discretionary, advisory and execution-only services to its retail clients.

In April last year the FCA ordered WealthTek Limited Liability Partnership to cease regulated activities following the discovery of regulatory and operational issues. 

WealthTek also traded as Vertem Asset Management and Malloch Melville and was placed into special administration on 6 April 2023.